The recent market trend in the crypto space has indeed been quite intense. In just 45 days, from the Federal Reserve's policy shift to actions by Wall Street institutions, one after another, each is reshaping the market landscape.

Starting in early December, the Fed ended its balance sheet reduction and shifted to a principal roll mode, signaling that liquidity conditions are beginning to loosen. Around the same time, the SEC Chairman announced plans to implement an "Innovation Exemption" framework by January 2026, which is a major breakthrough for crypto innovation.

The most critical development is the influx of institutional funds. Bank of America expanded its recommendation authority for crypto ETPs on the wealth management side, allowing high-net-worth clients to directly access crypto assets. By early January, Bank of America’s investment advisors were officially authorized to recommend crypto ETPs, essentially opening the institutional channel. Even more aggressive, Morgan Stanley directly applied to the SEC for Bitcoin and SOL ETF products.

From another perspective, regulatory friendliness is improving. Japan’s Finance Minister expressed support for compliant exchanges, and South Korea is preparing to loosen restrictions on crypto investments by listed companies. In the payments sector, "tax exemption for small crypto payments" has also entered policy discussion stages.

These policies and institutional actions together are indeed opening new doors for the crypto market.